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In a year defined by recalibration in the global luxury market, Valentino posted a cautiously optimistic performance. While sector-wide growth slowed, the Italian fashion house limited its revenue decline to -2,5% and preserved operating profit near the €100 million mark, despite a -17,6% contraction. Its 2024 results, filed on 19 May 2025, showcase strategic discipline and multi-year resilience, with revenue still more than 24% above 2021 levels, driven by flagship investments and renewed creative momentum.
Read the full Valentino brand report Here.
The personal luxury market saw single-digit growth, stabilising after years of strong post-pandemic recovery. Several reports echoed similar sentiments, anticipating a bifurcated recovery with performance divergence by geography and brand agility. Against this backdrop, Valentino maintained a steady course, reporting improvements in profitability and selective regional expansion, despite challenges in wholesale and macro-pressured Asian markets.
Financial Performance Overview: A Mixed Picture Amid Industry Normalisation
| Key Financial Indicator (€ million) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 1.311 (-2,74 %) | 1.348 (-4,93 %) | 1.418 (+15,25 %) |
| Operating Revenue | 0,012 (-87,14 %) | 0,092 (-17,97 %) | 0,120 (+30,27 %) |
Valentino closed 2024 with total revenue of €1.311 million, reflecting a -2,74% year-on-year contraction. This marks the second consecutive year of top-line decline, following a -4,93% drop in 2023, indicating a cumulative revenue erosion of approximately €107 million since 2022. By contrast, 2022 had ended on a high, with revenues rising +15,25% compared to 2021, making the ensuing decline more conspicuous.
Operating revenue, a sharper indicator of core business profitability, experienced a severe plunge in 2024, falling -87,14% year-on-year to just €0,012 million. This compares to €0,092 million in 2023 (-17,97%) and €0,120 million in 2022 (+30,27%). This stark decline may be attributed to increasing cost pressures, investments in brand repositioning, and the early-stage financial impact of creative transitions.
Benchmarking Against Competitors
Compared to its industry peers, Valentino’s performance highlights a more exposed market position. Gucci, for instance, despite undergoing a major creative overhaul—reported relatively flat revenues for 2024, buoyed by robust US and Middle Eastern demand. Dior and Louis Vuitton, under the LVMH Moët Hennessy - Louis Vuitton umbrella, registered high single-digit growth, reflecting continued dominance and pricing power in the ultra-luxury segment.
While the broader luxury industry posted low to mid single-digit growth in 2024, Valentino reported a modest revenue decline, slightly below the sector average. This performance reflects a mix of internal recalibration and macroeconomic headwinds. Its mid-tier positioning between heritage maisons and entry-luxury players may have heightened demand sensitivity, particularly in markets like China and the US, where aspirational spending softened.
Internal Comparison and Context
Analysing Valentino’s internal trajectory, the brand peaked in 2022, buoyed by post-pandemic demand and supportive macroeconomic conditions. By 2023, however, momentum tapered off, marking a structural reset that aligned with the exit of long-time creative director Pierpaolo Piccioli and a broader sector slowdown. The 2024 results, more resilient than expected, capture a maison in the midst of reinvention: recalibrating its creative vision under Alessandro Michele while prioritising narrative depth, product distinctiveness, and strategic positioning for long-term relevance.
This strategic repositioning, while financially costly in the short term, may bear fruit in the medium term—especially if retail-led growth, elevated product architecture, and more agile pricing strategies are effectively implemented in 2025.
Regional Performance: Europe Anchors, Asia Wavers
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